Make Up Your Mind!!!
As traders, making decisions is the crux of most trading dilemmas. When to get in the market, when to get out, how big of a position to take, where to take profit, and so on are just the few of the hundreds of decisions traders face. Add in a hint of insecurity or self-doubt and the anxiety produced can compound the number and intensity of the decisions.
It’s no wonder that traders are attracted by the claims of internet marketers in the trading world. The allure of better trading results is often the shiny object that traders are drawn to when frustration has them searching for new and improved methodologies or strategies. The caveat that marketers won’t tell you is that all strategies will fail at some point. Strategies are designed to take advantage of certain market conditions. When those conditions are absent, so are the winning trades. This over-analysis of decisions is often what leads to a new search and, more often than not, more frustration, more time wasted, and more money spent on new methods and more money lost in the market.
So what if we start taking back control of our decision process. Instead of buying, learning, and adapting to yet another trading strategy, why not adapt yourself to what you have in front of you right now. Change the way you think rather than spend money to have someone else tell you how to think. As humans we can get caught up in over thinking a decision, be that which peanut butter to purchase or which trading method to invest in. Lauren F. Friedman in Psychology Today writes in Pick One Already! that making decisions with more confidence and speed is a better option to brooding over a decision. I’m particularly fond of paragraphs Don’t Overthink and Stop Rationalizing.
In a similar vein, consider my earlier posting entitled, More Methods Does Not Mean More Profit.